SMM Analysis: According to data from the General Administration of Customs, China imported 68,700 mt of copper anode (HS code: 74020000) in May 2026, down 5.48% MoM and 1.04% YoY...

[SMM Copper Scrap Flash] In May, Thailand's copper scrap exports to China totaled 26,400 mt, accounting for 13.81%, up 24.31% YoY but down 24.69% MoM. Demand for copper scrap in Southeast Asia diverted supplies, and combined with a seasonal decline in scrap collection output, the pace of shipments by traders slowed, resulting in a second consecutive monthly MoM decline in exports to China.

[SMM Copper Scrap Flash] In May, Japan supplied 28,400 mt in physical content of copper scrap to China, accounting for 14.86%, up 43.08% YoY but down 16.99% MoM. Domestic scrap copper recycling in Japan entered the off-season, with output from dismantling enterprises declining. Procurement by domestic smelters for their own use diverted export supplies, sharply reducing the spot cargo volumes available for China. Shipments to China pulled back significantly MoM.

SMM Morning Meeting Summary: Overnight LME copper opened at $13,720/mt, hitting the intraday high of $13,740.5/mt right at the open, then fluctuated downward to a low of $13,633.2/mt before finally settling at $13,587/mt, up 0.62%. Trading volume reached 16,000 lots, and open interest stood at 252,000 lots, down 969 lots from the previous trading day, as bulls reduced positions. Overnight, the most-traded SHFE copper 2607 contract opened at 104,990 yuan/mt, edged up to 105,170 yuan/mt in early trading, then fluctuated downward to a low of 104,470 yuan/mt, and finally settled at 104,990 yuan/mt, down 0.24%. Trading volume reached 14,000 lots, and open interest stood at 104,000 lots, down 2,268 lots from the previous trading day, as bulls reduced positions.

In May 2026, China imported 191,000 mt in physical content of copper scrap and shredded copper scrap, down 9.78% MoM but up 3.14% YoY.

[Copper Scrap Ingot Customs Data]. According to data from the General Administration of Customs, China imported 33,800 mt of copper scrap ingots (red/purple copper ingots) (HS code: 74031900) in May 2026, down 25% MoM and down 7% YoY; from January to May 2026, cumulative imports of copper scrap ingots (red/purple copper ingots) reached 221,200 mt, up 15% YoY.

[General Administration of Customs Latest Data] In May 2026, China imported 191,000 mt in physical content of copper scrap and shredded copper scrap, down 9.78% MoM and up 3.14% YoY. January-May 2026 cumulative imports reached 1.0306 million mt in physical content, cumulative up 7.11% YoY. (HS code: 74040000)

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $13,625.5/mt, dipped to $13,584.6/mt early in the session, then fluctuated upward to a high of $13,675.7/mt, and finally closed at $13,587/mt, down 0.50%. Trading volume reached 10,500 lots, and open interest reached 253,000 lots, an increase of 2,615 lots from the previous trading day, reflecting bearish position building. Meanwhile, SHFE copper was closed last Friday night due to a holiday.

This week, the copper scrap market operated under the interweaving influences of fluctuating copper prices, the approaching Dragon Boat Festival holiday, and ongoing compliance inspections on "reverse invoicing," presenting structural characteristics of "regional divergence in supply, essential demand-driven procurement, and transactions driven by invoices rather than prices

[SMM Analysis: LME Copper Prices Fluctuate at Highs; Procurement Slows Across China, Japan, and South Korea Amid Flat Market Turnover]This week, LME copper prices fluctuated at high levels. Quotations for bare bright copper held high at 98.5%–99% payability. In contrast, offers for No. 2 ccopper material scrap(Birch/Cliff) showed distinct divergence. However the global recycled raw material market currently exhibits a gridlock defined by "weak supply and demand."